Mitch Cox Realtor, Inc. is pleased to present Peoples Crossing, a 29,195 SF community shopping center sitting on 3.57 acres in Johnson City, Tennessee. The offering is fee simple, with 100% occupancy and a synergistic mix of Retail, Service and Food-oriented tenants.
Thirty-Eight percent of the tenant roster have thrived at this location since the property was constructed in 2005. Twenty-Nine percent are Med-tail users.
The real estate fronts Peoples St. adjacent to the Major Thoroughfares of the I-26 (67,445 CPD) leading to Downtown Johnson City, and Hwy 381 (35,936 CPD) leading to Johnson City Medical Center and East Tennessee State University.
There has been Explosive Growth in the immediate Trade Area: The Property is adjacent to Johnson City Crossing Shopping Mall - a 335,678 SF Power Center anchored by The Home Depot, Best Buy, PetSmart, Michael’s, Five Below. Also surrounding the Property is Wendy’s, Chick-Fil-A, Panera Bread & Best Buy. Other retailers in the immediate area around the site include Hobby Lobby, Sam’s Club, Barnes & Noble, Lowe’s, Kohl’s, Ashley Furniture, and more. This area is home to 6.4 Million Square Feet of Retail within a 3-Mile Radius, with a historically low 1.80% Vacancy Rate.
Thanks to the Tax-friendly policy of Tennessee, affordability and year-round world-class outdoor recreation, Johnson City is experiencing Tremendous growth: Wall Street Journal ranked JC as the #3 Emerging Real Estate Market in the US, while Realtor.com ranked JC in the Top Ten Hottest Real Estate Markets in 2022. Population topped 72,000 and is expected to exceed 95,000 in 2030. New Homes Permits in 2021 more than Doubled 2019, with the total estimated value also doubled from $16.9 million in 2019 to $23.4 million in 2020 to $35.3 million in 2021.
Johnson City is an Economic Hub of the Tri-Cities Region, known for its “Med-Tech” Corridor located less than 1 miles from Peoples Crossing. Major institutions that are located within the Med-Tech Corridor include Johnson City Medical Center (445-bed Regional Level 1 Trauma Center), East Tennessee State University (14,500 students), Niswonger Children’s Hospital, Franklin Woods Community Hospital, ETSU’s Gatton College of Pharmacy, ETSU’s Quillen College of Medicine, and the Mountain Home Campus of the U.S. Department of Veterans Affairs.
This offering represents true value at $283.45 per square foot and a 5.75% cap considering its strategic location in one of the fastest growth markets in the country.